Silverstein secures WTC property for $3.22 billion

NEW YORK—Silverstein Properties and Westfield Properties formed a joint venture and won the 99-year leasehold on the World Trade Center for $3.22 billion. The leasehold includes the No. 1, No. 2, No. 4 and No. 5 WTC buildings.

"This is a dream come true," said Larry Silverstein, president of New York-based Silverstein Properties. "When we first became associated with the Port Authority with 7 World Trade Center, we looked at the asset of the WTC with tremendous interest."

With this sale, the WTC will once again be privately owned. It was a public-entity under the previous ownership, the Port Authority of New York/New Jersey.